JB Hi-Fi (OTCMKTS:JBHIF) Trading Up 6.8% – Here’s Why

JB Hi-Fi Limited (OTCMKTS:JBHIF) shot up 6.8% during mid-day trading on Tuesday . The company traded as high as C$57.04 and last traded at C$57.04. Approximately 300 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 617 shares. The stock had previously closed at C$53.43.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group began coverage on JB Hi-Fi in a research note on Monday, May 18th. They set a “sell” rating and a $61.00 price target for the company. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, JB Hi-Fi currently has an average rating of “Reduce”.

JB Hi-Fi Stock Up 3.1%

The firm’s fifty day moving average is C$50.87 and its 200 day moving average is C$57.00.

About JB Hi-Fi

JB Hi-Fi is a prominent consumer electronics and home entertainment retailer based in Australia, with an expanding footprint of over 300 stores across Australia and New Zealand. The company offers an extensive selection of products, including televisions, audio equipment, computers and tablets, mobile phones, gaming consoles, DVDs and Blu-ray, music, cameras, and a range of small domestic appliances. JB Hi-Fi also operates a comprehensive e-commerce platform, allowing customers to shop online and access click-and-collect and home delivery services.

Founded in 1974 by John Barbuto as a single hi-fi specialist store in Melbourne, JB Hi-Fi has grown through organic expansion and disciplined store rollout.